Chinese crypto tycoon-backed Bitdeer buys Asia’s ‘Fort Knox’
- Dubbed Asia’s Fort Knox, the repository for fine art, gems, and gold and silver bars was bought from shareholders led by founder Yves Bouvier
- Jihan Wu is considered one of the most influential people in cryptocurrency markets, having co-founded the world’s largest miner Bitmain
Chinese cryptocurrency billionaire Jihan Wu is expanding into the physical asset space.
Wu’s Bitdeer Technologies Holding Co. spent S$40 million (US$28.4 million) buying Le Freeport, a maximum-security vault in Singapore, according to people with knowledge of the matter who asked not to be identified because the transaction was private.
Dubbed Asia’s Fort Knox, Wu acquired the repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, the people said.
A representative for Bouvier declined to comment. Wu confirmed the transaction in a text message in response to queries from Bloomberg News. The purchase took place in July, according to records with the accounting regulator.
Wu’s acquisition ends years of Bouvier’s troubled attempts to sell Freeport which is located near Changi Airport. Wu is considered one of the most influential people in cryptocurrency markets, having co-founded the world’s largest miner Bitmain Technologies. Wu, who has long-term residency in Singapore, relinquished control of the Beijing-based company early last year.
The price Wu paid represents a sharp discount to the S$100 million it cost to build the facility. Freeport opened in 2010 to fanfare as part of Singapore’s push to lure luxury collectors, wealth managers and bullion-trading banks including JPMorgan Chase & Co and UBS Group.